. >> reporter: president obama favors letting the bush era tax cuts expire for those making $250,000 or more. tim kaine wants the threshold raised to income levels at five hundred thousand and put the revenue towards -- at 500,000 put the revenue towards reducing budget cut in defense and domestic spending. >> if we let the bush tax cut expire over 500,000, we don't have to make a trillion dollars worth of cuts. we have to make $500 billion worth of cuts. >> to me it's wrong. the paramount responsibility of the federal government is national defense. what's needed is these cuts need to be stopped. respect allen is opposed to tax increases. >> we have a weak fragile economy. raising taxes doesn't create more jobs. >> both candidates' positions are closely aligned with their party's presidential candidates. neither allen nor mitt romney give details of what they might cut to balance the budget since they're opposed to raising taxes. allen says allowing more coal mining and offshore drilling will create a manufacturing renaissance, as he says, and make tax increases unnecessary. >>> wel